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again, the economy is doing a little better. the unemployment numbers have been a little better, but what's the impact? >> 2 million people -- >> 2 million would lose. >> -- would lose income. here's the thing. there's a lot of talk of these people are looking or not looking for jobs, they're just taking this check. that's not the case. there's only one job for every three folks looking for a job. so there literally is not a job available for two of those people. so they have this income, unemployment insurance which keeps them in the economy, a functioning part of the economy, so they can spend the money. so the economic policy institute went ahead and extrapolated. if you were to keep this $30 billion cost of extended unemployment insurance, actually, that will pump another $15 billion to $18 billion into the economy because these folks are spending money. and that's what fuels our economy. >> some of the people who argue that we should go off the fiscal cliff, that it will push them to negotiate a sort of more thoughtful deal
again, the economy is doing a little better. the unemployment numbers have been a little better, but what's the impact? >> 2 million people -- >> 2 million would lose. >> -- would lose income. here's the thing. there's a lot of talk of these people are looking or not looking for jobs, they're just taking this check. that's not the case. there's only one job for every three folks looking for a job. so there literally is not a job available for two of those people. so they have...
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Dec 7, 2012
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this economy wants to take off again. what's holding it back right now is the political uncertainty about whether we're going to go over the cliff and each day that clicks off, we are holding back retail sales during the christmas season and that's just crazy. >> senator, on entitlements, the other side of the equation here if the tax rates have gotten what the president wants, which is a raise to 39.6%. the three national unions have that come out with an ad campaign are targeting two senators. you are one of them. as well as two republican congressman as well. they are saying don't touch social security or medicare or other entitlements. would you be open to touching them in a deal? >> interest groups have every right to advocate but we've seen the lack of power that some of the negative attacks that were spent against a lot of candidates. i think medicare is a great program. it needs to be protected. but anyone that denies the math around these programs is just disconnected to reality. the fact is, when i was a kid, th
this economy wants to take off again. what's holding it back right now is the political uncertainty about whether we're going to go over the cliff and each day that clicks off, we are holding back retail sales during the christmas season and that's just crazy. >> senator, on entitlements, the other side of the equation here if the tax rates have gotten what the president wants, which is a raise to 39.6%. the three national unions have that come out with an ad campaign are targeting two...
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but our economy is teetering on economy. it is a stealth tax and never goes away and the funds don't go to highways and nothing down to encourage driving . the tax revenue will go somewhere else. >> john, i mentioned in the top of the segment that republicans are apparently okay or considering it. the new republican head of the committee in the house of representatives said he will not put it off of the table. >> if they do this, this is the quick path to being the minority party. hopefully they will wake up to that. at some point washington works for us and not them. why can't they sacrifice and spend less of wour money so we don't have to pay more. a union blitz against private companies is a victory by big labor about to drive up the fax spill. wait until you hear this coming up next. i always wait until the last minute. can i still ship a gift in time r christmas? yeah, sure you can. great. where's your gift? uh... whew. [ male announcer ] break from the holiday stress. ship fedex express by december 22nd for christmas d
but our economy is teetering on economy. it is a stealth tax and never goes away and the funds don't go to highways and nothing down to encourage driving . the tax revenue will go somewhere else. >> john, i mentioned in the top of the segment that republicans are apparently okay or considering it. the new republican head of the committee in the house of representatives said he will not put it off of the table. >> if they do this, this is the quick path to being the minority party....
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rowe price, we understand the connections of a complex, global economy. it's just one reason over 75% of our mutual funds beat their 10-year lipper average. t. rowe price. invest with confidence. request a prospectus or summary prospectus with investment information, risks, fees and expenses to read and consider carefully before investing. >>> it has become a familiar scene. egyptian citizens flooding the streets demanding their inalienable rights. egyptian president morsi and his muslim brotherhood have no desire to expand the freedom of its citizens. they're about to implement syria law. they're protesting the seizure of unrestricted powers by the nation's islamist president and his draft helicopters substitution. what you're looking at is the worst explosion of protesters since the removal of mubarak. women have no rights, no protection from the government unthe new law. i hear one thing from the usually deafening voices of women's liberal groups. silence. is birth control the only defining issue of the u.s. feminist movement? what a double standard we
rowe price, we understand the connections of a complex, global economy. it's just one reason over 75% of our mutual funds beat their 10-year lipper average. t. rowe price. invest with confidence. request a prospectus or summary prospectus with investment information, risks, fees and expenses to read and consider carefully before investing. >>> it has become a familiar scene. egyptian citizens flooding the streets demanding their inalienable rights. egyptian president morsi and his...
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Dec 6, 2012
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. >> nice little economy you have there. nice little economy you have there. it would be a shame it if anything happened to it. that's not a threat. look, we have to start looking at what happens if we do, in fact, go over the so-called cliff, and what happens is, you know, one thing is we take a huge bite out of the deficit. we do it in a crude may, and there would be immediate attempts to fix it and fine-tune it and take some back. some would probably get through. if you actually want to look at it from a policy standpoint, it may not be the worst possible option to just go over the cliff and then put back in the tax cuts and the spending increases or renewals that you'd like to put back in. so, you know, worst things could happen. >> well, listen, alan simpson and i go back to his sound from the "today" show, eugene. he said anyone talking about it in that way, there's stupidity involved. he didn't say, eugene, you better not because you're my buddy, but the reality is even our first read team says this notion or all of this media hype about going off the c
. >> nice little economy you have there. nice little economy you have there. it would be a shame it if anything happened to it. that's not a threat. look, we have to start looking at what happens if we do, in fact, go over the so-called cliff, and what happens is, you know, one thing is we take a huge bite out of the deficit. we do it in a crude may, and there would be immediate attempts to fix it and fine-tune it and take some back. some would probably get through. if you actually want...
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you are having some potential impact on the entire economy. obviously, toys and other things, as well. >> the president's plan calls for raising the tax rates on americans earning $250,000 or more. most republicans remain dead set against the president's plan. >> that's true. i think, though, we have to take a look at the larger context. the larger context is we have a math problem. we have $2.5 trillion that we're taking in every year on the federal government and $3.5 trillion that we're spending. so, we're going to need a balanced approach of both revenue and spending cuts to teat there. so, that's what the president has been talking about and certainly something i can support. >> "the wall street journal" today senior administration officials say the white house not making any new offers until republicans change their opposition to raising top tax rates in this country. as a businessman, that would be directly affected by an impasse like that, as would millions of americans. how do you feel about that? >> how i feel, i'm 100% confident we'
you are having some potential impact on the entire economy. obviously, toys and other things, as well. >> the president's plan calls for raising the tax rates on americans earning $250,000 or more. most republicans remain dead set against the president's plan. >> that's true. i think, though, we have to take a look at the larger context. the larger context is we have a math problem. we have $2.5 trillion that we're taking in every year on the federal government and $3.5 trillion...
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i really believe if we solve this problem, the economy is going to take off. >> but solve it in a big way. don't you agree, governor? >> absolutely. >> we have to go big on this. >> we can't kick the can down the road. sorry we're taking the show over from you. >> i needed a breather, anyway, you're chairman of the fix the debt group. democrats at this point, do you think they are -- dealing seriously enough with entitlement reforms? >> i think some of them like senator durbin are, but there are a lot of people on left of our party, the progressive wing of the party, very progressive wing that haven't come to grips with what i said at the beginning and what susan echoed. that if we're going to ask the republicans to raise rates and raise, i think somewhere around $1.3 trillion in revenue, then we've got to give them something that their base cares about so they can do it. so they can actually make the deal and close the deal. i don't think we're aware of that yet. before all of us. >> i want to talk about susan rice, the u.s. ambassador to the u.n. possible nominee for secretary of st
i really believe if we solve this problem, the economy is going to take off. >> but solve it in a big way. don't you agree, governor? >> absolutely. >> we have to go big on this. >> we can't kick the can down the road. sorry we're taking the show over from you. >> i needed a breather, anyway, you're chairman of the fix the debt group. democrats at this point, do you think they are -- dealing seriously enough with entitlement reforms? >> i think some of them...
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Dec 5, 2012
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they feel it won't have much of an impact on the economy. they believe we won't go into recession and the whole thing is over, done. mellow drama even. they think fearmongers. and this is their group of strong holders. a little time passes, they think, hey, should be better off going over the cliff. rich will pay more of their fair shares and higher taxes on dividends. government spending sliced where it should be and and the bloated defense budget. unnecessary social programs. me? i think we aren't where we need to be yet when the it comes to abandoning all the hope. i think the postfiscal cliff world has -- not to matter. those people are polyannas. i think we go into a recession with lots of layoffs and the fiscal cliff was designed to compromise. the cliff was designed to scare legislators into rising above politics and compromise. everyone knew about the growth. just like in europe. means it could be, in fact, reduced dramatically. fewer jobs, larger deficit. not smaller. and the federal reserve that's throwing up its hands, can't do an
they feel it won't have much of an impact on the economy. they believe we won't go into recession and the whole thing is over, done. mellow drama even. they think fearmongers. and this is their group of strong holders. a little time passes, they think, hey, should be better off going over the cliff. rich will pay more of their fair shares and higher taxes on dividends. government spending sliced where it should be and and the bloated defense budget. unnecessary social programs. me? i think we...
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that's a greater drain on the economy. it takes their money and spending power out of the economy, puts it into health care. however, though, i do think there should be some further adjustments on eligibility. i do not believe that i should be able to get the same kind of benefits as, say, you know, a retired school teacher. i should have to pay a greater co pay. the threshold before i got any benefits should be there. also, my children, hopefully, if they are successful, i think we have a responsibility to take care of our parents too if we can. the government needs to be helping people who can't help themselves, that are going to have difficulty doing that. >> i'm glad you made this argument because this is the argument that you hear pete peterson make who's funding a lot of the groups who are talking about attacking the debtor the deficit and you hear mitch mcconnell and you hear some republicans and democrats make it. well, look, progressives, you care about redistribution and you care about all of these things, equali
that's a greater drain on the economy. it takes their money and spending power out of the economy, puts it into health care. however, though, i do think there should be some further adjustments on eligibility. i do not believe that i should be able to get the same kind of benefits as, say, you know, a retired school teacher. i should have to pay a greater co pay. the threshold before i got any benefits should be there. also, my children, hopefully, if they are successful, i think we have a...
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and will bring the economy to its knees at last temporarily if they don't fix that. you talk to economists on the left, on the right, they would really have agreement. you don't think it is serious? >> cbo said if we go over the fiscal cliff unemployment would be over 9%. if we go over it, it is still going to be over 9%. if we stop, it will be close to 9% only half a point difference which is a lot, i'm not minimizing it. >> it has to do with what the trajectory of growth is in the economy which is critical. the other element here, you're talking about what the republicans should do, gingrich is talking about what the republicans should do. i think they need to come forward with a reasonable proposal, and say look this is what we want. paul ryan who said, the real problem in all of this, yeah taxes, they are going to be disputes about how you get revenue. the real problem is runaway entitlement spending. >> sean: absolutely. >> it is the big elephant in every room. and the republicans say let's do something about it when i talked to obama in july he said, "it is an
and will bring the economy to its knees at last temporarily if they don't fix that. you talk to economists on the left, on the right, they would really have agreement. you don't think it is serious? >> cbo said if we go over the fiscal cliff unemployment would be over 9%. if we go over it, it is still going to be over 9%. if we stop, it will be close to 9% only half a point difference which is a lot, i'm not minimizing it. >> it has to do with what the trajectory of growth is in the...
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money out of the economy? >> everybody remembers very well the ugly process we went through in august of 2011 in raising the debt ceiling, and what happened immediately around the raising of that debt ceiling. we saw the stock markets crash. let me tell you if we go off this fiscal cliff -- and i put the blame squarely on the president. he's been awol on this issue for the last three years. now he's coming in and waving a flag, trying to take the glory, put the burden on republicans. republicans have been willing to negotiate. if he doesn't come forward and provide real leadership, we go off the cliff, the economic disaster that we're going to see is going to be squarely on the shoulders of this president. >> sean: i would like to adopt something like the mac penny plan. cut one penny out of every dollar washington spends, and we move to a balanced budget. with baseline budgeting, you have increases every year. can you ever get rid of baseline budgeting? >> if any corporation in america operated the way the co
money out of the economy? >> everybody remembers very well the ugly process we went through in august of 2011 in raising the debt ceiling, and what happened immediately around the raising of that debt ceiling. we saw the stock markets crash. let me tell you if we go off this fiscal cliff -- and i put the blame squarely on the president. he's been awol on this issue for the last three years. now he's coming in and waving a flag, trying to take the glory, put the burden on republicans....
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Dec 7, 2012
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he's head of the parade and a a badly weakened economy is going to hurt him more than anything. the republicans need to figure out their hand is stronger than they think, and they need to remember they are the ones that control spending and under no circumstances should they ever give obama a blank check or give up their constitutional authority. now four, republicans, and in particular, john boehner, a party that gets trapped, you always suffer and they suffer in particular if they lose the battle over the narrative. that's what's happening to republicans since all the focus is on tacks tacks and not spend. republicans need to take steps like passing real legislation that allows them to talk about their agenda, not what obama needs to talk about, and they have to figure out creative ways to make their case to the american people. it's time that republicans have the courage of their convictions. it is simply immoral to continue to steal from future generations with out of control deficits and now record debt. now going over this cliff to prevent the country from going bankrupt w
he's head of the parade and a a badly weakened economy is going to hurt him more than anything. the republicans need to figure out their hand is stronger than they think, and they need to remember they are the ones that control spending and under no circumstances should they ever give obama a blank check or give up their constitutional authority. now four, republicans, and in particular, john boehner, a party that gets trapped, you always suffer and they suffer in particular if they lose the...
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Dec 6, 2012
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the economy is going to be a disaster. it's only going to get worse under obama. republicans are totally over the barrel because all tax cuts, bush tax cuts expire unless they agree to what is being portrayed as tax cuts for the rich. >> sean: boom. >> of course, let me finish the three points. it's not the rich. it's people who are currently engaged in making money or tax breaks as they say. for the rich i'd be more in favor of tax hikes on the rich. that's warren buffett and john kerry and diane feinstein. this is a tax on people desperately trying to become rich but the truly wish don't want them to. finally, the most important point is in two years we've got to take back the senate. >> sean: i don't want to talk about the election. >> the republicans need to concentrate on making sure this economy gets blamed on obama. there are things they can do like propose tax cuts or rather tax hikes for the truly rich, ie, warren buffett. no more state and low tax deductions. cut out that hollywood foin accounting. let's go after the 1% of the 1%. forget the 1% of income
the economy is going to be a disaster. it's only going to get worse under obama. republicans are totally over the barrel because all tax cuts, bush tax cuts expire unless they agree to what is being portrayed as tax cuts for the rich. >> sean: boom. >> of course, let me finish the three points. it's not the rich. it's people who are currently engaged in making money or tax breaks as they say. for the rich i'd be more in favor of tax hikes on the rich. that's warren buffett and john...
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he has to make sure the economy grows. he will be a two-term jimmy carter if the economy goes back in recession and we can't pull ourselves out of this thing. >> eric: i heard you laugh, martin on the "two-term jimmy carter" line. >> he doesn't want to be a two-term george w. bush that took us in a steep recession. >> hey, you are the one with the bush tax cut. >> this can be worked out. everybody knows that. you can raise rates a point or two, that is not going to be end of the world. republicans understand that. let's get through with the fear we have had a couple of weeks of theater and let's get down to serious negotiations. i don't think the republicans want to fight to the death to protect tax breaks for the wealthy. that is not the message they want to send. they tried it during the election and they lost on that. >> eric: if i just interrupt, matt mentioned small businesses. let me read you this tough edtory from investors business daily this past week. they call it return of the tax-and-spend democrats in d.c. of
he has to make sure the economy grows. he will be a two-term jimmy carter if the economy goes back in recession and we can't pull ourselves out of this thing. >> eric: i heard you laugh, martin on the "two-term jimmy carter" line. >> he doesn't want to be a two-term george w. bush that took us in a steep recession. >> hey, you are the one with the bush tax cut. >> this can be worked out. everybody knows that. you can raise rates a point or two, that is not...
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even when the economy is not doing so hot and the underlying economy is not doing so hot. it helps their customers become more efficient. though use this proprietary technology and collect data from satellites, laser, and other met methods and they have applications for pacific software designed to tell their customers what they need to do to improve the efficiency of their workers out in the field. especially at construction sites and infrastructure builds and they work along many dimensions. they can cut labor costs, pesticide costs, or fuel costs. they can help them imcustomer service. at the end of the day it comes down to other companies finding new ways to squeeze more money out of their businesses and that's the kind of pitch that never goes out of style. certainly not one the old tremble could have offered. i'll give you an idea. tremble has joibt technology with -- anything from software solutions and machine control technologies. this gives the company a tremendous outsource international sales force. it looks likes tremble has become the real deal. they recently
even when the economy is not doing so hot and the underlying economy is not doing so hot. it helps their customers become more efficient. though use this proprietary technology and collect data from satellites, laser, and other met methods and they have applications for pacific software designed to tell their customers what they need to do to improve the efficiency of their workers out in the field. especially at construction sites and infrastructure builds and they work along many dimensions....
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what they really want to know is the economy going to grow or not. if you're increasing taxes on dividend, you get less capital and dividends and then less growth for the economy and less revenue for the government. >> well, a lot of people worry about the many years that japan has been in a slow growth environment, but they've kept interest rates very low in japan, but the problem is, government is too big. that's why japan has not been able to start growing again. and this is the path that the u.s. is certainly on if we don't change that dynamic. >> paul: kim, is there any recognition about this in washington or is it all -- i mean, do you hear any of this discussion or do they really believe, certainly, the white house and the treasury, that tax rates like this don't matter, at that ultimately-- >> no, they do to a degree. if you talk to the officials iran up, come on, so we're going to raise the rates, what is fascinating to put it in the bigger context of the debate about tax revenue, the economists have the static view, you've got x-amounts of
what they really want to know is the economy going to grow or not. if you're increasing taxes on dividend, you get less capital and dividends and then less growth for the economy and less revenue for the government. >> well, a lot of people worry about the many years that japan has been in a slow growth environment, but they've kept interest rates very low in japan, but the problem is, government is too big. that's why japan has not been able to start growing again. and this is the path...
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automatic spending decrease stuff goes into effect and economists say that can be devastating for the economy in early january. >> thank you so much, sir, do appreciate you. >> thanks. >>> closely tied over taxes is entitlement reform. a top republican said today he'll drop his plan for higher revenue unless democrats take a look at revamping medicare, medicaid, and social security. >> i'm serious about revenue. you can limit deductions to $40,000 or $50,000 a person, which takes care of the middle class. upper-middle income americans will lose their deductions, but i'll only do that if we do entitlement reform, and the president's plan is quite frankly a joke. >> as the country inches closer to the fiscal cliff, is there a way to avoid falling over it? joining me live from los angeles, democratic congresswoman maxine waters. congresswoman, always a pleasure to see you. >> hello, how are you? >> tim geithner saying today the administration would deal with social security at a later date. are democrats serious about entitlement reform? >> no, democrats are not furious, except we understand and
automatic spending decrease stuff goes into effect and economists say that can be devastating for the economy in early january. >> thank you so much, sir, do appreciate you. >> thanks. >>> closely tied over taxes is entitlement reform. a top republican said today he'll drop his plan for higher revenue unless democrats take a look at revamping medicare, medicaid, and social security. >> i'm serious about revenue. you can limit deductions to $40,000 or $50,000 a person,...
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obviously globally, the economy is still soft. europe is going to be in the doldrums for quite some time, asia is not charging forward and some of the emerging markets are not charging forward as quickly as they were maybe a few years ago, but i think all of you recognized and many of you told me is that everybody's looking to america, because they understand if we're able to put forward a long-term agenda for growth and prosperity that's broad-based here in the united states, that confidence will not just increase here in the united states, it will increase globally and we can get the virtuous cycle that i think all of us have been waiting for and want to see. what's holding us back right now ironically is a lot of stuff that's going on in this town, and i know that many of you have come down here to try to see, is there a way that we can break through the log jam, and go ahead and get things done and i'm here to tell you that nobody wants to get this done more than me. i know you've gotten a lot of briefings but let me describe
obviously globally, the economy is still soft. europe is going to be in the doldrums for quite some time, asia is not charging forward and some of the emerging markets are not charging forward as quickly as they were maybe a few years ago, but i think all of you recognized and many of you told me is that everybody's looking to america, because they understand if we're able to put forward a long-term agenda for growth and prosperity that's broad-based here in the united states, that confidence...
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. >> we absolutely want to avoid going over the fiscal cliff because it would be a big drag on the economy. >> but are you willing to do that? >> what we're willing to do is come up with a package that both accelerates economic recovery, but also begins to reduce the long term deficit and the president's been very clear that that means asking higher income earn eaers to pay who are. more. so the real question is whether republicans will agree with tom cole who the other day said we should agree with the president. so let's get that done. let's not hold the middle class hostage to getting a bonus tax break for folks at the top. so it was great to hear tom come forward on that. obviously he's taken some heat within his caucus, but that would obviously avoid the fiscal cliff. >> congressman chriss van hollen, thanks so much. appreciate it. >>> so he mentioned tom cole. let me play what he had to say. >> the president is willing to accept 80% of the bush tax cuts for 9d 8% of the american peopl and make them permanent, we should do that and continue to fight for the things we believe in. >> so
. >> we absolutely want to avoid going over the fiscal cliff because it would be a big drag on the economy. >> but are you willing to do that? >> what we're willing to do is come up with a package that both accelerates economic recovery, but also begins to reduce the long term deficit and the president's been very clear that that means asking higher income earn eaers to pay who are. more. so the real question is whether republicans will agree with tom cole who the other day...
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you can't have a great economy when wealth is at the high end. you need a strong, broad based economy. >> the debt ceiling leverage. we have seen it used before. here he is talking to mike allen about how he sees the strategy of this playing out. >> this president is not going to extend. he loses his leverage that way. >> republicans have other leverage. they can give him debt ceiling increases once a month, have them on a rather short leash, here's your allowance, come back if you have behaved. >> wait. you are proposing the debt ceiling be increased -- >> monthly. monthly if he's good. weekly, if he's not. >> it's no -- note that in the opening offer, getting rid of essentially this debt ceiling procedure was part of that. i think probably because of precisely that. i want to bring in bruce bartlett. he's an analyst from the reagan and bush administration. bruce, you were there at the beginning of the supply side revolution, the tax revolt. i guess, what is your sense of how it's evolved and what the poll -- how the politics have changed over t
you can't have a great economy when wealth is at the high end. you need a strong, broad based economy. >> the debt ceiling leverage. we have seen it used before. here he is talking to mike allen about how he sees the strategy of this playing out. >> this president is not going to extend. he loses his leverage that way. >> republicans have other leverage. they can give him debt ceiling increases once a month, have them on a rather short leash, here's your allowance, come back...
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unlike retail reits, it's levered to a sector, health care, that just does fine when the economy goes in recession. look, it's a real possibility if we go off the cliff. plus we have a limited supply of medical office space. this is a nice, steady business. let's take a closer look with scott peters. mr. peters, welcome to "mad money." >> thank you for having me. >> i try all the time to find companies that might be beneficiaries of the affordable health care act. i stumbled on you guys. you're the one? >> we think we are. we've been fortunate. health care systems are now running like businesses. with 30 to 40 million more insured coming up, they need the most affordable location to off those services. those are mobs, they're on campus, and jim, i think over the next 10, 20 years there will be core critical real estate. >> i look at a lot of reits. most of them are in crowded fields. the hotels divvied up, a lot of retail space. this is a $250 billion sector. you seem like you're just scratching the surface. >> $250 billion is the estimated value. they're going to monetize some of the
unlike retail reits, it's levered to a sector, health care, that just does fine when the economy goes in recession. look, it's a real possibility if we go off the cliff. plus we have a limited supply of medical office space. this is a nice, steady business. let's take a closer look with scott peters. mr. peters, welcome to "mad money." >> thank you for having me. >> i try all the time to find companies that might be beneficiaries of the affordable health care act. i...
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i think the economy can stand it. yes, we will go into two quarters of recession the cbo says, and i believe that. we're in deep trouble here. somebody's going to have to pay the bill. it's going to have to be all of us. >> joining me with more on all of this, patrick j. buick as well as former clinton special counsel davis. the president campaigns on $800 billion in new taxes. he now wants 1.6 trillion. he wants twice the amount, lanny. he wants a blank check and congress to give up its authority as it relates to money and say no, no, let me raise the debt ceiling any time i want. he wants 150 billion in new stimulus but no entitlement cuts at all, no spending cuts at all. now that sounds to me like somebody that's not serious. >> i don't know where to begin to correct some of what you just said, but let me at least start with ronald ra reagan. >> tell me where i'm wrong. >> you're certainly wrong that he didn't campaign to cut 98% of the american people's taxes with the upper 2% paying. he won the election based on
i think the economy can stand it. yes, we will go into two quarters of recession the cbo says, and i believe that. we're in deep trouble here. somebody's going to have to pay the bill. it's going to have to be all of us. >> joining me with more on all of this, patrick j. buick as well as former clinton special counsel davis. the president campaigns on $800 billion in new taxes. he now wants 1.6 trillion. he wants twice the amount, lanny. he wants a blank check and congress to give up its...
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it's about what the effect will be on the economy. just to be clear -- >> it's about getting real about where we are and what's going on here. not deluding yourself about that. >> i agree. but we shouldn't get deluded about things like the impact it's going to have on december spending, too, karen. remember we're talking about 2013 taxes, not 2012 taxes. but if americans are taking out loans based on what their tax return is going to be in april maybe we should be talking about financial literacy and not about how budgeting works. >> we can but i'm just trying to tell you realistically that's how people are living their lives in the united states of america in the 21st century. so we need to be real about how people are living their lives. >> you know what, one thing i do want to talk about, i'll begin with you tony on this. i'm sure you saw that photo making the rounds this week of house committee chairmen? what is that all about. they're all white males. speaker boehner now said he was indeed appointing a female chair congresswoman,
it's about what the effect will be on the economy. just to be clear -- >> it's about getting real about where we are and what's going on here. not deluding yourself about that. >> i agree. but we shouldn't get deluded about things like the impact it's going to have on december spending, too, karen. remember we're talking about 2013 taxes, not 2012 taxes. but if americans are taking out loans based on what their tax return is going to be in april maybe we should be talking about...
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. >> increasing tax rates draws money away from our economy that needs to be invested in our economy to put the american people back to work. it's the wrong approach. >> as the rhetoric heats up, the clock continues to tick down. after today, there are just ten legislative days on the calendar. the house announced they will be recessing one day early next would he week. joining me now from the white house, white house correspondent kristen welker. what's the latest from 1600 pennsylvania? >> well, good afternoon, craig. as you can see the holiday decorations are going up here at the white house. but it doesn't seem like anyone is in the holiday spirit. in fact, house speaker john boehner today said that these negotiations are essentially in a stalemate. president obama as you know hit the road, went to hatfield, pennsylvania to take his case to the people of pennsylvania. trying to put pressure on republicans to get on board with his plan to increase taxes on the wealthiest americans. he made his case at a toy maker there and exceptionally said that if lawmakers can't get a deal done
. >> increasing tax rates draws money away from our economy that needs to be invested in our economy to put the american people back to work. it's the wrong approach. >> as the rhetoric heats up, the clock continues to tick down. after today, there are just ten legislative days on the calendar. the house announced they will be recessing one day early next would he week. joining me now from the white house, white house correspondent kristen welker. what's the latest from 1600...
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for our economy. and lindsay lohan is behind the wheel. see, that says danger. people understand that they understand that. >> that is -- that tells the tale perhaps a little better. lindsay lohan, nobody wants her driving. all right. welcome back to "fox & friends" on this saturday morning. so the lottery. >> did you guys play? >> no, no. dave always plays. i forget and then i think i'm glad i didn't. >> i was so convinced i was going to win for some reason. >> what are the chances you are going to get struck lie lightning three times. david didn't win. cindy and mark hill ended up winning from the midwest. >> quick pick ticket that goes against the conventional wisdom you never won with a quick pick. >> last one was won with a quick pick. >> $293 million chopped out approximately in half. they wanted the lump sum. they went back to the high school where they met to accept this and do a little press conference to talk about what they do now. you have to feel happy for them. she was laid off in 2010 i think as an office manager. he had just recently found work a
for our economy. and lindsay lohan is behind the wheel. see, that says danger. people understand that they understand that. >> that is -- that tells the tale perhaps a little better. lindsay lohan, nobody wants her driving. all right. welcome back to "fox & friends" on this saturday morning. so the lottery. >> did you guys play? >> no, no. dave always plays. i forget and then i think i'm glad i didn't. >> i was so convinced i was going to win for some...
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and again, the point is that we're in a slow growth economy, high unemployment economy, a more competitive world thanks in part to our policies of the past, we need to compete and the highest corporate tax rate in the world, what america has is not the way to be competitive. >> to make the argument we've made is to raise taxes and revenues and approach the fiscal cliff and argument from small businesses and others, if you increase our rate, we're either going to have to layoff individuals, not going to hire anybody else right now, and so, therefore, this economy that's already stalled is not going to grow at a clip. >> you remember two years ago, the question was, should we keep the bush rates, at least temporarily, given the problems in the economy and at that time, all the democrats acknowledged raising taxes is not a way to boost economic growth. for whatever reason, this time, there seems to be more of an ideological commitment that the rates have a rise and i think the president ought to be thinking, how do we grow. >> that's what the president said in 2010, we can't afford taxes righ
and again, the point is that we're in a slow growth economy, high unemployment economy, a more competitive world thanks in part to our policies of the past, we need to compete and the highest corporate tax rate in the world, what america has is not the way to be competitive. >> to make the argument we've made is to raise taxes and revenues and approach the fiscal cliff and argument from small businesses and others, if you increase our rate, we're either going to have to layoff...
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that's not what we believe is the kind of activity will get our economy and jobs rolling again. >> the white house will argue they're not the ones holds out to protect the top 2%, that it's the republicans doing that. >> great point, chris, the problem is what the president is holding out for is a nonsolution. the tax increases that the president wants on the top 2% will run this government not for eight years or eight weeks or eight weeks but run this government for eight days, which means it's not a solution. the president is not interested in real policy solutions by evidenced by what he has proposed, he's interested in politics and that's the challenge that we have a getting through that and making certain that we not be talking politics, we talk about positive policy for american people, getting committee rolling and getting jobs created. >> the administration, as we've been saying, has said they're prepared to go over the cliff. we heard that from tim geithner. if republicans refuse to raise taxes on the wealthy and john boehner said yesterday that's unacceptable, though he admit
that's not what we believe is the kind of activity will get our economy and jobs rolling again. >> the white house will argue they're not the ones holds out to protect the top 2%, that it's the republicans doing that. >> great point, chris, the problem is what the president is holding out for is a nonsolution. the tax increases that the president wants on the top 2% will run this government not for eight years or eight weeks or eight weeks but run this government for eight days,...
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>> increasing tax rates draws money away from our economy that needs to be invested in our economy to put the american people back to work. it's the wrong approach. we're willing to put revenues on the table, but revenues that come from closing loopholes, getting rid of special interest deductions, and not raising rates. we think it's better for the economy. pure and simple. secondly, the american people expect us to find common ground, to work together, and to resolve this. and frankly, sooner is better than later. >> you've been doing this for a long time. the past 24 hours, is this the necessary public posturing that needs to go on or is there a serious stalemate right now? >> there's a stalemate. let's not kid ourselves. i'm not trying to make this more difficult. if you've watched me in the last three weeks, i've been very guarded because i don't want to make it harder for me or the president or members of both parties to be able to find common ground. but when -- when i come out the day after the election and make it clear that republicans will put revenue on the table, i took a
>> increasing tax rates draws money away from our economy that needs to be invested in our economy to put the american people back to work. it's the wrong approach. we're willing to put revenues on the table, but revenues that come from closing loopholes, getting rid of special interest deductions, and not raising rates. we think it's better for the economy. pure and simple. secondly, the american people expect us to find common ground, to work together, and to resolve this. and frankly,...
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that doesn't even take into account a trillion-dollar economy. we have got a government that is both naive and irresponsible. it's got to change. >> bill: real quick, did i pick on this jeffrey hillman guy, the homeless guy? this guy has got his apartment paid for. he has got medicaid. he has got food stamps. he has got it all. there he is in the street. am i being unfair to him? >> i don't think so at all. bill, what you are pointing out is it's extraordinary that our president who spent much of his life as a community organizer is more interested in expanding government than he is in actually organizing and supporting communities which are really the answer to mr. hellman's tragedy. >> bill: solving these kinds of problems. >> absolutely. >> bill: bill o'reilly.com poll question in play do you believe president obama and the republicans will reach a budget deal before automatic tax increases are triggered? yes or no and we will give you the results on monday. next on the run down, ms. laura ingraham has some thoughts about the bob costas interv
that doesn't even take into account a trillion-dollar economy. we have got a government that is both naive and irresponsible. it's got to change. >> bill: real quick, did i pick on this jeffrey hillman guy, the homeless guy? this guy has got his apartment paid for. he has got medicaid. he has got food stamps. he has got it all. there he is in the street. am i being unfair to him? >> i don't think so at all. bill, what you are pointing out is it's extraordinary that our president who...
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portion that goes to defense be harmful to national security, but that it would be a huge hit on the economy because there's so many jobs involved. so my sense is people don't want to talk about that because it would raise a lot of alarms but in some ways is more serious than the tax cuts even though they don't all occur at once. it would sends us down a difficult path. it's already created a lot of uncertainty in the defense world. >> some of the more liberal opponents of the deal on the democratic left, would not mind seeing these defense cuts. >> just as they wouldn't mind in some cases on the left seeing the tax increase on everybody so that they can force a vote to lower the rates back only for those americans outside the top 2%, you're right. a lot of liberals would like to see that. this is why the president has leverage. he has some leverage off of his victory in the campaign, but he's got a lot of leverage off of the tax rate issue as well as these defense cuts and the republicans know it. that's why there's much more pressure on them and you hear this from a lot of lobbyists and me
portion that goes to defense be harmful to national security, but that it would be a huge hit on the economy because there's so many jobs involved. so my sense is people don't want to talk about that because it would raise a lot of alarms but in some ways is more serious than the tax cuts even though they don't all occur at once. it would sends us down a difficult path. it's already created a lot of uncertainty in the defense world. >> some of the more liberal opponents of the deal on the...
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. >> bill: i'm perplexed because i thought florida would go for mitt romney based upon the economy primarily but romney spent a lot of time and money there. but what did the -- what message that the president brought to florida sueded for him? >> i'm not sure if it's the president's message. it's the message that we need to do a better job as a movement. not just the republican party. those who believe in limited government and preenterprise have to do a better and more consistent job of explaining to people why free enterprise is better for them. >> bill: elected you in florida. they elected governor scott. both of you guys are conservative smaller government people. this is why it's so confusing. because you elect you. you elect scott. now they did elect liberal senator there and they're all over the place. i just don't know why florida, virginia, ohio, colorado -- colorado, i kind of know. why the republican message didn't resonate. i don't understand why the republican message did not resonate in those states. >> well, i can't speak to those other states in detail but i can tell you abou
. >> bill: i'm perplexed because i thought florida would go for mitt romney based upon the economy primarily but romney spent a lot of time and money there. but what did the -- what message that the president brought to florida sueded for him? >> i'm not sure if it's the president's message. it's the message that we need to do a better job as a movement. not just the republican party. those who believe in limited government and preenterprise have to do a better and more consistent...
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>> the second term for the president and the economy is even more important to both parties. >> what have you learned? >> i think the president has learned that he needs to stand tough with the republicans. >> that's it. >> and that's -- that is the lesson of his election. >> instead of backwards the way he did his first two years. >> exactly right. >> axelrod is coming on tomorrow and we've taken that mustache off. if it's way too early it's "morning joe." stick around right now though for chuck todd "the daily rundown." >>> take it to the bank. timothy geithner says the white house is ready to go over the cliff. republicans might stucmble, though, into having some leverage if they end up backing the tax rate plan now and kick the rest of the can to february. one top republican governor has some stinging sarcasm for his own party's position. in the middle east the situation in syria turns from serious to scary. concerns over chemical weapons has secretary clinton conferring with her russian counterpart today to try to avoid deadly developments. >>> an nbc news exclusive, afghanistan
>> the second term for the president and the economy is even more important to both parties. >> what have you learned? >> i think the president has learned that he needs to stand tough with the republicans. >> that's it. >> and that's -- that is the lesson of his election. >> instead of backwards the way he did his first two years. >> exactly right. >> axelrod is coming on tomorrow and we've taken that mustache off. if it's way too early it's...
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but now, investors are scared a plunge over the cliff could send the economy falling back into recession. those worries sent stocks falling. the s & p down two straight weeks after the election, even though it has made up four of the 5.3% loss, whenever there was a glimmer of a hope of a deal, headed up. and the fallout from the fiscal cliff could put even more pressure on unemployed americans, or those just trying to keep up with house payments. except more ups and downs for your investments ahead, but not so much because of big numbers out this week, among them, an important reading on manufacturing tomorrow, and then, what is often the biggest market mover of any month, the jobs report. november's release before the bell on friday. the cliff will likely overshadow even that. and with tax increases looming on capital gains and dividends, investors may start selling before the end of the year to get the better deal if there is no deal. that means, december may not live up to its history of heading higher and leave many questions about what the new year will mean for your bottom line. ha
but now, investors are scared a plunge over the cliff could send the economy falling back into recession. those worries sent stocks falling. the s & p down two straight weeks after the election, even though it has made up four of the 5.3% loss, whenever there was a glimmer of a hope of a deal, headed up. and the fallout from the fiscal cliff could put even more pressure on unemployed americans, or those just trying to keep up with house payments. except more ups and downs for your...
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we need to make sure the economy doesn't collapse. >> from egypt to israel now. we have secretary of state hillary clinton condemning both the vote in the u.n. recognizing palestine as a nonmember state and new settlements. which one is more of a road block to a two-state solution? >> the u.s. never really does get this issue despite our efforts to see if the sides will engage each other. israel and hamas have all been playing to their bases and flexing their muscles. it's against what long standing bipartisan the american presidents have called for. so the two-state solution is the goal. it's what majorities of both populations have asked for but they seem stuck. >> how dicey does the situation become if they build in an area that precludes a contiguous palestinian state? and this settlement would end up blocking a contiguous palestinian state. even many in israel have been concerned about this. the question of settlement construction is first and foremost an issue of israeli decision making but they need to be sensitive to the fact this does seem to be a respon
we need to make sure the economy doesn't collapse. >> from egypt to israel now. we have secretary of state hillary clinton condemning both the vote in the u.n. recognizing palestine as a nonmember state and new settlements. which one is more of a road block to a two-state solution? >> the u.s. never really does get this issue despite our efforts to see if the sides will engage each other. israel and hamas have all been playing to their bases and flexing their muscles. it's against...
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they've taken on more debt into deteriorating economy. you tell me how that translates to this has all been fixed and this is all solved. it's not solved at all. [ overlapping speakers ] >> spain has about the same debt to gdp ratio as germany. that good enough for you? >> [ overlapping speakers ] >> hang on, fellows. let's not get hung up on spain. what i want to come back to is the usa. because our market has not collapsed, it's really different than it looks like it was back in 2011. i just want to ask, is it better to own those low-rate bonds right now? or jim la camp, i want you both to weigh in quickly. is it better to own corporate bonds or treasury bonds during this tiff over the fiscal cliff, or is it better to own stocks? real quick. >> well, short term we're going to have a lot of gyrations. but those yields are under the inflation rate. you're getting negative real returns on these. that's one of the reasons the stock market has been more buoyant. >> and don luskin, is it better to own bonds during this fiscal cliff tiff? >> y
they've taken on more debt into deteriorating economy. you tell me how that translates to this has all been fixed and this is all solved. it's not solved at all. [ overlapping speakers ] >> spain has about the same debt to gdp ratio as germany. that good enough for you? >> [ overlapping speakers ] >> hang on, fellows. let's not get hung up on spain. what i want to come back to is the usa. because our market has not collapsed, it's really different than it looks like it was...
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rowe price, we understand the connections of a complex, global economy. it's just one reason over 75% of our mutual funds beat their 10-year lipper average. t. ro price. invest with confidence. request a prospectus or summary prospectus with investment information, risks, fees and expenses to read and consider carefully before investing. with investment information, risks, fees and expenses is bigger than we think ... sometimelike the flu.fer from with aches, fever and chills- the flu's a really big deal. so why treat it like it's a little cold? there's something that works differently than over-the-counter remedies. prescription tamiflu attacks the flu virus at its source. so don't wait. call your doctor right away. tamiflu is prescription medicine for treating the flu in adults and children one year and older whose flu symptoms started within the last two days. before taking tamiflu tell your doctor if you're pregnant, nursing. have serious health conditions, or take other medicines. if you develop an allergic reaction, a severe rash, or signs of unusua
rowe price, we understand the connections of a complex, global economy. it's just one reason over 75% of our mutual funds beat their 10-year lipper average. t. ro price. invest with confidence. request a prospectus or summary prospectus with investment information, risks, fees and expenses to read and consider carefully before investing. with investment information, risks, fees and expenses is bigger than we think ... sometimelike the flu.fer from with aches, fever and chills- the flu's a...
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they want at least $50 billion in spending as a stimulus to the economy. that was the white house ask that prompted that laugh from mitch mcconnell when tim geithner gave it to him yesterday. today in an interview with "the wall street journal," mcconnell floated his own balloon of what he'd like to see. here are some of the elements. mcconnell saying they want changes to entitlement eligibility. they would agree to more tax revenue, yes, but not higher rates. only if they get the revenue through changing deductions and other things like that. they say the white house is almost comical here. the key is means testing of these entitlement programs and age extensions for retirement, particularly, obviously, with social security and medicare. that's the key to the deal, guys. now we end the week sort of nowhere. they'll be back at it again next week. >> all right. thanks so much, eamon javers. meanwhile, the marriott ceo was one of the ceos in the room with president obama this week in the fiscal cliff meetings. many of the executives saying that the white hou
they want at least $50 billion in spending as a stimulus to the economy. that was the white house ask that prompted that laugh from mitch mcconnell when tim geithner gave it to him yesterday. today in an interview with "the wall street journal," mcconnell floated his own balloon of what he'd like to see. here are some of the elements. mcconnell saying they want changes to entitlement eligibility. they would agree to more tax revenue, yes, but not higher rates. only if they get the...
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the chinese economy is unsustainable. it's too dependent on global growth and not dependent enough on the consummittion story we're talking about. if they can shift the focus in china, that will be a great long-term story. >> susie: nicholas consonery asia analyst at the eurasia grp. >> tom: apple's iphone 5 got the okay from chinese regulators. the smartphone will go on sale there in about two weeks. it's an important market for apple. in recent months, apple's market share in china has been cut in half to just 10%, something blamed on the lack of the model there. the iphone 5 is expected to be a big hit in china. next friday its newest ipad and ipad mini will hit stores there too. >> susie: greece is one step closer to getting $57 billion in bailout loans. german lawmakers approved the deal reached earlier this week. greece agreed to measures that will drastically reduce its debt over the next seven years. european stock markets and the euro rose on the news. here on wall street, tom, a neutral day on most people here,
the chinese economy is unsustainable. it's too dependent on global growth and not dependent enough on the consummittion story we're talking about. if they can shift the focus in china, that will be a great long-term story. >> susie: nicholas consonery asia analyst at the eurasia grp. >> tom: apple's iphone 5 got the okay from chinese regulators. the smartphone will go on sale there in about two weeks. it's an important market for apple. in recent months, apple's market share in...
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terms of the economy and getting people employed again. we don't want to go with an austerity approach like europe that will put us into potentially a double dip recession. >> speak to me about another issue that you've really been on the forefront of, and that is immigration reform, specifically as it pertains to highly educated and highly qualified students and individuals who are in the united states. the house basically has just passed a bill that would allow them to stay in the united states longer but it doesn't look like it has much future in the senate. what are your thoughts? >> this is an issue where we really ought to be able to get to yes. i've introduced legislation to try to address this issue and make sure that we can provide visas to people that graduate with degrees, advanced degrees from the united states institutions, in engineering, in math and science. so i don't think we're all that far apart but there hasn't been a willingness yet to come to resolve some of the remaining issues. but this ought to be really a no-brain
terms of the economy and getting people employed again. we don't want to go with an austerity approach like europe that will put us into potentially a double dip recession. >> speak to me about another issue that you've really been on the forefront of, and that is immigration reform, specifically as it pertains to highly educated and highly qualified students and individuals who are in the united states. the house basically has just passed a bill that would allow them to stay in the...
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i want to get to you on the economy. to the white house now, the november jobs report showed the fifth straight month of job gains, over 100,000. a jobless rate at the lowest level in four years. is it real or is it a mirage? joining me now allen krueger, chairman of the president's council of economic advisers. good morning to you. >> morning. >> obviously this was a jobs report that beat all expectations among economists that were looking and expecting a sandy impact. the labor department says no sandy impact. do you believe in the long 0 run we will look back at this report and not see a sandy impact? >> that's an interesting question, chuck. there was an impact in terms of over a million workers who normally work full time or part time in the reference week. so sandy did leave an impact in the data. but i think the report as a whole shows that the economy has been resilient, as i say every month when i'm on your show we're making progress. we're digging our way out of a deep hole. we're not satisfied yet. there's a l
i want to get to you on the economy. to the white house now, the november jobs report showed the fifth straight month of job gains, over 100,000. a jobless rate at the lowest level in four years. is it real or is it a mirage? joining me now allen krueger, chairman of the president's council of economic advisers. good morning to you. >> morning. >> obviously this was a jobs report that beat all expectations among economists that were looking and expecting a sandy impact. the labor...
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a lot of positive figures out there in the economy. does a second term present a great opportunity for him to follow through on wall street reform? because there are some in the community that think he was a disappointment in that regard. >> first of all about the economy, my state right after the auto rescue, my state's unemployment rate was 10.6%. now it's down to 6.9%. that's because of a lot of things. partly trade enforcement that you've talked about. and partly the auto rescue. all those things together. i think the president knows that we need to continue to make sure the regulations are strong. part of that is done by his administration and part of it is by congress. we know he will work with senator merkley, senator schumer, people who have been involved on these issues. and i'm optimistic we move forward. >> thank you for joining us tonight. >>> coming up, senator mitch mcconnell rails against reform, but john mccain doesn't agree. michigan senator debbie stabenow on filibuster reform. >>> later senator john kerry delivers an
a lot of positive figures out there in the economy. does a second term present a great opportunity for him to follow through on wall street reform? because there are some in the community that think he was a disappointment in that regard. >> first of all about the economy, my state right after the auto rescue, my state's unemployment rate was 10.6%. now it's down to 6.9%. that's because of a lot of things. partly trade enforcement that you've talked about. and partly the auto rescue. all...